Objectives: Peter is a small business owner who wants to save tax and reduce his child maintenance payments. Facts: Peter’s business has a taxable income of $77,000 and is growing (taxable income is expected to double next year). Peter is divorced and pays child support of $12,000 per year. Accountant’s Advice: Tax Strategy…
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These 10 tax strategies apply to the majority of businesses & produce the biggest tax savings (on average) TS 1: Salary Packaging Private Motor Vehicles – Makes private motor vehicles tax deductible (average $3,000 tax saving pa). TS 12: Concessional Super Contributions – $25,000 deductible contributions cap (per taxpayer). TS 32: Change…
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Capital city: Banjul Currency: Dalasi (GMD) Population: 1,882,450 Language: English GDP: …
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A smartwatch is a wearable computer in the form of a wristwatch. Their functionality is similar to smartphones and includes: Mobile apps. Mobile operating system. Wi-Fi/Bluetooth connectivity. Portable media players, with FM radio and playback of digital audio and video files. Making and receiving phone calls. Sending and receiving emails. Digital cameras. Heart rate monitors.…
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Lowering your selling prices will increase sales when your product or service has an elastic demand curve i.e. when you slightly lower your prices, volume goes up substantially. This will be a profitable strategy if lower prices produce greater gross profits due to increased sales volume even though the profit per unit has fallen. …
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Capital city: Pape’ete Currency: CFP franc (XPF) Population: 268,270 Language: French GDP: …
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Proprietary limited companies are the most common company structure in Australia and account for 98.5% of all companies. Generally, they are the most appropriate company structure for small businesses. A Proprietary Limited company (also known as a Pty Ltd company), cannot raise capital from the public, and is restricted to a maximum 50 non- employee…
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Minimum 10% of practice fees Within 12 months, we need to achieve tax planning revenue equivalent to 10% of the practice’s revenue. Achieving this benchmark provides us with the revenue, confidence and motivation to continue growing this new service. Over the last five years many accountants have embraced the ‘one stop shop’ concept and added…
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Upselling can involve marketing more profitable services or products, or just exposing the customer to other options that were not considered. Upselling is more successful when the up sellers know more about the individual customer and understands what the customer values and wants. This information includes the customer's background, budget, preferences, interests, and previous buyer…
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An Employee Remuneration Trust (ERT) arrangement involves a trust being established to facilitate the provision of payments and/or other benefits to employees of an employer. The trustees provide the benefits at the direction of the employer. This strategy is useful to retain and reward employees that are critical and important to the business’s success. A…
Read More »"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2